The refund policies listed below describe the financial obligation of students who withdraw from classes after the official beginning of a semester. Students are advised to read these refund policies carefully to determine which apply to their specific circumstances.
A. REFUND POLICY FOR COMPLETE WITHDRAWAL FOR ALL STUDENTS WHO ARE NOT TITLE IV AID RECIPIENTS (See ‘B’ below for definition of Title IV Aid Recipients.)
(The Oklahoma State Regents refund policy with respect to fees and tuition is as follows:)
Complete withdrawals from the institution during the defined refund period (first ten days of classes in Fall and Spring semesters, first five days of classes in Summer Session) will result in full charges for courses added and full credit for courses dropped. No refunds will be made after the refund period except as stipulated for enrollment of Title IV recipients.
B. REFUND REGULATIONS FOR COMPLETE WITHDRAWAL FOR ALL STUDENTS WHO ARE TITLE IV AID RECIPIENTS
Any student receiving Federal Title IV funds will be subject to the following policy regarding return of Federal Title IV funds:
The University and the student will be required to return to the federal aid programs the amount of aid received that was in excess of the aid “earned” for the time period the student remained enrolled. By Federal Law, the University has 45 days from the date the University determines the student withdrew to return unearned federal aid to the specified programs.
The percentage of the semester completed is the percentage of aid earned: This is calculated by the number of days the student attended divided by the number of days in the payment period (i.e. semester). For example, if a student withdrew on the 20th day of a semester 114 days in length, the student would have only earned 17.5% of the aid he received (20/114=0.175).
Students who remain enrolled through at least 60% of the payment period (semester) are considered to have earned 100% of the aid received and will not owe a repayment of Federal Title IV grant funds.
If the University returns funds to the Title IV aid programs, it could result in the student owing OU charges that were originally paid at the time of disbursement. Students may also be required to return funds released to them for personal expenses.
Monies will be returned to the Title IV programs and not to recipients. Monies returned to the Title IV aid programs will be applied first to loans to reduce the loan debt of the student and/or parent borrower.
Changes in schedules during the first ten days of classes in Fall and Spring semesters, first five days of classes in Summer Session will result in full charges for courses added and full credit for courses dropped. No refunds for dropped courses will be made after this time.